In our organization, we use a low-tech solution. A user who has forgotten their PS password must email a PS Security administrator, who resets it to a new password and informs the user. The user then goes into PS (using vanilla access through the PeopleTools navigation) and resets it to something new that they (hopefully) can remember.
Advantages:
1. You don't have to have already logged in to PS to change your password, which obviously doesn't work if the user has forgotten it.
2. Requiring email communication provides an audit trail of such requests, and insures that the requestor is the user.
3. Requiring an email request encourages employees to remember their password.
Disadvatages:
1. The process takes lomger than an online one might.
One note: if you implement paperless paychecks (employees get no pay stubs, and go inot PS each payday to see their net pay), the frequency of use increase should cut down on the volume of forgotten passwords.